Price regulation, inflation, and nominal rigidity in housing rents
نویسندگان
چکیده
منابع مشابه
Inflation , Nominal Debt , Housing , and Welfare ∗
This paper evaluates the welfare effects of lowering the long-run inflation target in a life-cycle model of housing, nominal debts, and money (ie., a liquid asset). To smooth out idiosyncratic earnings risk, agents make portfolio choices in the presence of transactions costs and borrowing constraints. We find that lowering inflation from 2% to 1% improves welfare and that the welfare gain is ev...
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a r t i c l e i n f o Keywords: Loss aversion Downward housing price rigidity Monetary policy Threshold error correction model Asymmetric adjustment Previous studies have discovered the defensive characteristics of housing prices, which is also known as downward price rigidity. This paper discusses whether this feature would result in an asymmetric relationship between housing prices and moneta...
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ژورنال
عنوان ژورنال: Journal of Housing Economics
سال: 2021
ISSN: 1051-1377
DOI: 10.1016/j.jhe.2021.101769